October 1, 2022

Facebook should add bitcoin, not centralized Libra

Facebook should add bitcoin, not centralized Libra

U.S. Rep. Warren Davidson says adding Bitcoin (BTC) to a Calibra wallet would “A better idea” than the creation by the giant of social networks Facebook of the new currency Libra.

In an interview, the congressman said that the stablecoin Facebook Libra crystallized all the problems that exist on the social networking platform.

“Do we want filtered transactions or freedom?” - added Davidson.

According to the politician, congressional hearings on Libra in July this year exacerbated the strong pressure Facebook was already experiencing. However, he noted that "many issues did not even concern Libra."

He said that Facebook’s announcement of the launch of its own cryptocurrency has contributed to increased attention to many platform operations:

“Facebook is already filtering the content, explaining this by protecting personal space. So still, do we want filtered or free speech? Do we want filtered transactions or freedom? ”

It’s obvious that the congressional hearings have becomean ideal way to attract attention from people from the traditional financial sector to bitcoin. For them, this is another reason to realize the problems inherent in the centralized and private initiative of Libra.

Davidson added that the hearing also influencedthose who are convinced of the need for central authorities as managers of global finance. In this case, the antagonism with respect to distributed registries and decentralized cryptocurrencies only intensified.

Libra, being a means of payment, can undoubtedly destabilize the status quo and challenge the authority of the government.

Congressional Libra HearingIn July this year, US Representative Maxine Waters, Chairman of the Financial Services Committee of the United States House of Representatives, demanded that Facebook stop working on the project.

According to her, the technology giant“Demonstrated that it could not ensure the confidentiality of user data” and “allowed Russian government agencies to buy and target ads,” influencing the 2016 US presidential election.